Sony Pictures Networks India on Wednesday announced it is acquiring the sports broadcasting business of Zee Entertainment for $385 million in an all-cash deal.
"Zee’s TEN Sports channels being acquired include TEN 1, TEN 1 HD, TEN 2, TEN 3, TEN Golf HD, TEN Cricket, TEN Sports that operate in several countries including the Indian sub-continent, Maldives, Singapore, Hong Kong, Middle East, Caribbean," a company statement said.
TEN Sports holds cricket rights in South Africa, Pakistan, Sri Lanka, West Indies and Zimbabwe.
It also holds the rights for world wrestling, some football leagues, WTA and ATP tennis events, golf tours, Asian and Commonwealth Games athletics, motor sports and cycling events, includig Tour de France.
"The acquisition of TEN Sports Network will strengthen SPN’s offering for viewers of cricket, football and fight sports, complementing our existing portfolio of international and domestic sporting properties," said NP Singh, CEO, Sony Pictures Networks India.
"This is a landmark deal for ZEE and a step towards a strategic portfolio shuffle as we grow our general entertainment business both in the domestic and overseas markets," added Punit Goenka, Managing Director, Zee Entertainment Enterprises.